Greece is the word!

CaptHenway

The second try at elections are this weekend. Grab your ankles!

tincup

There have been a few references to a currency disruption this weekend... probably tied to the Greek elections.

leothelyon

The powers that be have way too much invested to let Greece topple it all down.

CaptHenway

But how much money can TPTB pour down the rathole that is the Greek economy? If Greece votes once again to reject austerity and continue to demand charity from Germany, Germany would be well advised to let them sink to teach the other deficit states a lesson.

piecesofme

I remember a time when Countries would help each other out in times of War. Now they're "expected" to help each other out if they're having financial difficulty?
Do you see where I'm going with this?
In times of War, a Country needs a friend (an ally). In time of financial struggle, a COUNTRY needs to look out for themself. Letting them fail is the only logical and reasonable solution. That is the only way to make the people of that Country see that they've had it good for a longwhile (not paying taxes, don't try to convince me they do, they don't), allowed themselves to become reckless, and now have put themself in the position they are in. Dothe Greeks remember the word, accountability, and what it means?

MsMorrisine

I like the syriza attitude:

they can't let us fail so we will reneg on the austerity.



I was thinking Germany wouldn't leave the Euro.

Now I'm hoping that Germany will leave the Euro.

cohodk

Now I'm hoping that Germany will leave the Euro

That would be a great way to get the US dollar back to the 2001 highs.

derryb

<< <i>Now I'm hoping that Germany will leave the Euro

That would be a great way to get the US dollar back to the 2001 highs. >>


Compared to what, crumbling currencies? Consumers could care less how many euros it can buy. They are more concerned with how much value the grocers give it.

jmski52

From "Greece runs out of Safe Deposit Boxes" on Zero Hedge:

In other words, Greece is now America, where the vast majority of people also live on credit alone, and have taken up the following motto when dealing with banks: "you pretend to be solvent, we pretend to have money." At the end of the day, it is all just one big global monetary circle jerk, only this time in reverse, as the snake of fractional reserve banking has finally started to eat its own tail. With people spending money they don't have, and in debt to their eyeballs to a banking system that itself is just as insolvent, is there any wonder that nobody really panics any more over daily threats the grand reset is finally coming?

Baley

used to be, borrower couldn't make the payments to a creditor, they'd confiscate the collateral. What, borrower spent the loan and the collateral too? confiscate his kidneys and corneas, for starters, and then proceed foreclosing the remaining parts and organs in order of vitality

What, lender made a loan with no collateral? Lender eats his mistake, can't squeeze blood from a turnip.

johnny9434

i think greece is dead. keep an eye on spain and the other few. jmo

cohodk

<< <i>

<< <i>Now I'm hoping that Germany will leave the Euro

That would be a great way to get the US dollar back to the 2001 highs. >>


Compared to what, crumbling currencies? Consumers could care less how many euros it can buy. They are more concerned with how much value the grocers give it. >>



Probably right. And if we can pay for imported goods with a more valuable dollar then consumers will benefit.

And who cares about the grocery store? Gold would be much cheaper!!!!

cohodk

Much ado about nothing.

Nice how the media spreads "fear mongering".

morgansforever

Hearing rumors about QE3 next week, can anyone confirm?

HonoluluDude

<< <i>Much ado about nothing.
>>




Agree. Short term, it's just noise. Longer term, euro union collapse.

HonoluluDude

<< <i>Hearing rumors about QE3 next week, can anyone confirm? >>



I strongly doubt QE3 unless stocks melt down again, like another 2008 event.

derryb

I still believe Germany will bail first. Merkel doesn't want to but the voters may overpower her.

MsMorrisine

Long-term I don't think Germany can hold it together without banruptcies.

Shorter-term, I'm watching for global QE with twists.

I think the only reason Greece hasn't been allowed to fail now is that the Euro leaders seem slow to react to everything, including this.

meluaufeet

Allow more countries into the euro...eg Turkey. They have some gold.

MsMorrisine

<< <i>Allow more countries into the euro...eg Turkey. They have some gold. >>



China is in Europe, right?

Baley

What's more important for a member of a monetary community: having gold, or having productivity?

joefro

<< <i>Hearing rumors about QE3 next week, can anyone confirm? >>



Yes, I can definitely confirm that there are rumors of QE3 coming.

Justacommeman

It's fitting that Greece is playing Germany in the quarter finals of the Euro Cup. If Greece loses to Germany should get to kick them out of the Euro. Cage match Euro style.........Spain vs France is the undercard. MJ

nibanny

<< <i>It's fitting that Greece is playing Germany in the quarter finals of the Euro Cup. If Greece loses to Germany should get to kick them out if the Euro. Cage match Euro style.........Spain vs France is the undercard. MJ >>



Does it mean that if Italy loses against England we may end up being colonized and use the Pound?!

Justacommeman

<< <i>

<< <i>It's fitting that Greece is playing Germany in the quarter finals of the Euro Cup. If Greece loses to Germany should get to kick them out if the Euro. Cage match Euro style.........Spain vs France is the undercard. MJ >>



Does it mean that if Italy loses against England we may end up being colonized and use the Pound?! >>



Go Azzurra!!!!!!!! MJ

DrBuster

You guys are nuts if you think Greece is going to beat Germany.

Justacommeman

<< <i>You guys are nuts if you think Greece is going to beat Germany. >>



I doubt that they will but there is a TON of pressure on Germany and they have a history of wilting under pressure. MJ

piecesofme

I strongly doubt QE3 unless stocks melt down again, like another 2008 event.

This. Metals can't even bounce even when the Fed confirmed more Operation Twist and hinted more QE. Most of the analysts (take that for what it's worth) agree another QE is going to happen and metals can't react positively on the day the news comes out. I know I know, but the rumor and sell the news.
If the hint of another QE (rumour) can't send off the metals on a run, I think we're just going to be sitting around the low to high $20's (Silver) for sometime, sadly.

MsMorrisine

the current playbook seems to be that until there is rioting and looting in the USA, the markets won't retest recent lows. There is a lot of faith in the current status of the US economy.

notice there really hasn't been significant sell offs in the US on bad news. any selling has later been met with buying.

derryb

"Greece is collapsing, the Iranians are getting aggressive, and Rome is in disarray. Welcome back to 430 BC..." - Attributed to John Cleese, British writer and actor

I believe history will show that the great failure of the European Economic and Monetary Union (EMU or EU) was the hope that a monetary union would ultimately lead to a politcal union of member countries. Original planners desired the full "union" and settled for monetary solidarity in hopes that natural progression would lead to political unity. We now know that this will not occur, thus dooming the EU. Best case scenario, after current and wasteful allocation of tremendous monetary resources, is disolvement of the union with each country returning to it's own previous if not new currency. Worst case scenario is current economic dissarray and dissagreement escalating to economic warfare and possibly to physical conflict (war has resulted from less). The EU will be viewed in future years as a classic case of a failed globalization attempt. Those that bail out first will suffer the least negative economic consequences. Germany will be first to realize this and to take action.

Here's another reason I still believe Germany will be among the first to leave the doomed EU:

The ESM Coup D'Etat in Europe

CaptHenway

<< <i>"Greece is collapsing, the Iranians are getting aggressive, and Rome is in disarray. Welcome back to 430 BC..." - Attributed to John Cleese, British writer and actor >>



Love that!

derryb

Looks like the financiers are ready to pull the plug on Greece, but only after having wasted hundreds of billions euros. When will they learn?

From MISH

pmcollectour

<< <i>

I believe history will show that the great failure of the European Economic and Monetary Union (EMU or EU) was the hope that a monetary union would ultimately lead to a politcal union of member countries. Original planners desired the full "union" and settled for monetary solidarity in hopes that natural progression would lead to political unity. ] >>




I don't think Merkle will be the one, but a leader may arise that will convince the Greeces, Italys, and Spains that they have no other choice but to join a European Union,
controlled by the strongest countries of that union. These failing countries could be put in a position where they really don't have a choice. I don't know what kind
of leader would want that headache, but Hitler tried to control Europe by force. Now a leader can try to control Europe through the failing economy. Very interesting
to watch in the future.

renman95

<< <i>Looks like the financiers are ready to pull the plug on Greece, but only after having wasted hundreds of billions euros. When will they learn?

From MISH >>



And $400M USD via the IMF if I'm not mistaken.

I'm happy they asked first (sarcasm).

renman95

Last night I heard a commentary reported from Athens that Greece is in a "Great Depression or worse equivalent to that of the 1930's."